The average sale price for a single family home last month was $627,776, for a townhome it was $467,455, and the average apartment sale price was $262,585.

The most popular price point for homes last month was in the $450,000 to $499,999 range followed by the $500,000 to $549,999. There were six sales over the $1 million mark, including one over $1.5 million.

The cooling sales numbers aren’t new, as the region has seen similar drops for several months. The key factor, according to CADREB is the federally imposed “stress test,” which has taken away considerable purchasing power from the consumer across Canada.

The new rules implemented at the start of the year mean buyers need to qualify for the mortgage they want in addition to being able to withstand future rate hikes.

In a press release, CADREB’s new president-elect Kyle Nason said there are indicators of a more balanced market continuing in the coming months.